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DENVER – (COMMERCIAL THREAD) –Luxury capital®, a leading provider of alternative financing, today announced that it has acquired and relaunched Borro Private Finance. The acquisition gives the company ownership of one of the most recognized brands in the alternative finance market, thousands of client and partner relationships, and a wealth of market information relating to asset lending from non-banking luxury.
Luxury Asset Capital (including its subsidiary brands) and Borro are the leading providers of non-bank loans that have used borrower’s luxury assets as collateral since 2008, pioneering strategies for targeting high-end markets and offering on-line services and fulfillment in a national market. Collectively, the companies have made more than $ 450,000,000 in loans to more than 15,000 individuals and businesses, a high percentage of which have taken more than one loan.
As previously announced, Luxury Asset Capital has experienced particularly explosive growth over the past year, with triple-digit gains in overall revenue, profitability and loan portfolio value from loans using luxury real estate as collateral, a continued demand for loans guaranteed by vintage cars, the expanding clientele served by its Sports and Entertainment group and its partnership with Watch box, the world’s leading platform for buying, selling and trading used luxury watches.
“The Borro acquisition will further accelerate our growth by consolidating our position as the leading lender using luxury assets as collateral,” said Dewey Burke, Founder and CEO of Luxury Asset Capital. “Borro has raised over $ 180 million in investor capital and has established itself as one of the most recognized brands in the alternative financing market. We anticipate that the Borro assets that we have acquired and merged into our company will propel our type of lending to the forefront of considerations for anyone who owns luxury assets and needs immediate capital. ”
Luxury Asset Capital relaunched Borro and Borro.com today, bringing significant new value with a much wider range of luxury assets accepted as loan collateral, more flexible loan terms and new loan products such as the Luxury Line of Credit®. This proprietary product allows a client’s luxury asset to be securely stored indefinitely in company vaults, allowing capital to be immediately available with a simple phone call. Borro clients who wish to transact in person will have access to the company’s team of experts at the Denver headquarters and the new New York office in Midtown Manhattan.
“The acquisition and relaunch of Borro by Luxury Asset Capital allows us to deliver greater value to our clients than ever before,” said Shelley Berube, executive vice president and chief executive of Borro for seven years. Whether it’s using a Rolex as collateral to help finance the expansion of a watch collection, a classic Ferrari to provide working capital for a business, or a GIA certified diamond to help cover a immediate expense, our experts are ready to help clients seize opportunities. and deal with situations by providing quick access to capital.
In addition, the company consolidates its presence in the market under the Luxury Asset Capital and Borro brands. While its staff, processes and customer relationships will remain in place, with immediate effect, the company’s Lux Exchange and Pawngo brands are being retired and replaced by Borro. Luxury Asset Capital will continue to be a market-oriented brand for very large complex transactions as well as for luxury real estate transactions. The company also plans to expand important strategic and corporate partnerships, such as the one previously established with WatchBox, the world leader in the buying, selling and trading of pre-owned luxury watches.
As tens of millions of Americans use secured financing as a financial management strategy, Luxury Asset Capital is expanding the customer base for loans using luxury assets as collateral, including vintage and classic automobiles, luxury watches, jewelry and diamonds, designer handbags and accessories, gold and precious metals, other quality auction assets, luxury real estate and guaranteed sports and entertainment contracts. Its offerings target the middle and upper income segments, as even those with substantial wealth and income face situations where quick and easy access to capital can seize opportunities or solve problems as they arise. that they show up. The company’s attractive rates compared to other alternative finance providers and the ability to provide capital in just one business day, coupled with industry-standard levels of transparency, convenience and service, make of Luxury Asset Capital and its subsidiaries a continuous finance company. resource to its clients alongside their accountants, banks and financial advisers.
ABOUT LUXURY ACTIVE CAPITAL
Luxury Asset Capital is a leader in the alternative financing market, with over 20,000 transactions and over $ 450,000,000 in loans funded since its inception. We are a private lender to individuals and businesses in exchange for luxury assets that are held as collateral when traditional funding channels are either too slow, invasive, cumbersome, or in some cases unavailable. We unlock equity for a wide range of high value but illiquid assets and execute transactions ranging from thousands to millions of dollars in as little as one business day. Please visit our main loan site at www.borro.com or our corporate site at www.luxuryassetcapital.com.
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